Public Finance

At Burr & Forman, we routinely assist clients in various matters pertaining to public finance, project finance, capital markets and P3 financing. Our public finance group focuses on clients involved in the public debt capital markets in the United States and large capital finance projects involving partnerships between governments and private investors, called public-private partnerships (P3s).

Our bond attorneys are involved in public finance transactions and represent numerous types of clients including:

Banks & financial institutions

Health care providers & facilities

Manufacturers

Non-profit entities

Private & charter schools

Private corporations

Remarketing agents

School boards

Special districts

State & local governments

Swap counterparties

Transportation authorities

Trustees

Underwriters & placement agents

Our attorneys deal with many different public finance debt structures, including general obligation, revenue, variable rate and special assessment bonds, private placements, public offerings, commercial paper and tax increment financing. We also assist clients with various credit enhancement and synthetic financing techniques, including bond insurance, liquidity facilities, letters of credit, interest rate swaps and forward purchase agreements.

Continuing Disclosure

Burr’s public finance team assists issuers, underwriters and other obligated persons in complying with S.E.C. Rule 15c2-12, which requires issuers of most bonds, or certain other “obligated persons,” to agree in writing, at the time the bonds are issued, to provide continuing disclosure to the marketplace for the life of the bond issue.

Nonprofit Corporation Financing

Our team works with numerous nonprofit financings on behalf of cultural institutions, social service organizations and educational facilities. Some of our projects include construction of new facilities, renovation of existing facilities and the purchase of equipment and financing of operating expenses during periods of development.

Our attorneys participate in the negotiation of financial covenants, including those with respect to meeting fund raising targets, establishing rates at particular levels and maintaining certain asset levels while maintaining awareness of the tax issues raised by certain covenants. Our attorneys address the tax issues raised by contracts for the management of certain areas of a project (such as the dining and retail space) by a for-profit entity and leasing of space in the project to other unrelated not-for-profit or for-profit entities. In addition, our team works to allocate institution equity to those portions of a project most likely to be used by for-profit entities.

Public Finance Credit Enhancement/Direct Purchase

Our attorneys represent credit enhancers and direct purchasers of government obligations, such as banks, insurance companies, pension funds, sureties or other financial institutions. In addition to reviewing the bond documents to ensure our clients’ rights are protected, our attorneys prepare and negotiate the credit, liquidity facility, direct purchase or other financing documents.

Our team actively works with clients to draft and submit the following:

Bond purchase agreements

Continuing covenant agreements

Deeds of trust & other mortgage documents

Investment agreements

Letters of credit & reimbursement agreements

Participation agreements

Pledge & collateral agreements

Revolving credit agreements

Standby purchase agreements

Swaps & other similar agreements

Revenue Bond Financing

Our team assists clients in the structuring of tax-exempt and taxable bonds for private nonprofit or for-profit companies.